Govt clears divestment in SAIL; to fetch Rs 16,000 crore
Following the two-tranche disinvestment, the government and the company would get Rs8,000 crore each, home minister P Chidambaram said.
The government today approved a 20% disinvestment in Steel Authority of India Ltd that would fetch a total of Rs16,000 crore.Following the two-tranche disinvestment, the government and the company would get Rs8,000 crore each, home minister P Chidambaram told reporters after a meeting of the Cabinet Committee on Economic Affairs.Post disinvestment, the government's equity will fall to 69% from 85.82% currently.The stake sale will take place in two tranches of 10% each, Chidambaram said, adding that each time 5% will be through further public offer (FPO) and another 5% through sale of government equity.SAIL shares were trading at Rs 248.25, down by 2.67% on the BSE.